Posted on
July 31, 2013 10:48:35 PM [ BusinessWorld Online ]
BLOOMBERRY
Resorts Corp. saw a turnaround in its second-quarter financial performance
after it opened Solaire Resort & Casino -- its sole operating asset -- last
March, according to a financial report the company disclosed through the
Philippine Stock Exchange yesterday.
The company said it booked a net income of
P22.68 million in the April-June period, a turnaround from P126.94-million
losses recorded in the same quarter last year, according to unaudited
consolidated financial statements of comprehensive income.
Solaire, an
integrated casino complex, started operations last March 16, making it the
first of four licensees at the Bagong Nayong Filipino Entertainment City in
Parañaque City to start operations.
Bloomberry
generated P3.6 billion in total revenues in the second quarter, the company
said in its report.
In a separate
statement yesterday, the company said gross gaming revenues in the quarter
amounted to P3.32 billion, while non-gaming revenues from the hotel, food and
beverage, retail and other operations totaled some P267 million.
Stripping out
promotional allowances of P576.4 million, gaming revenues accounted for 92% of
total revenues while non-gaming revenues and interest income accounted for 7.4%
and 0.4%, respectively, of the total.
Total
expenses stood at P3.658 billion in the second quarter with the bulk accounted
for by “operating expenses followed by cost of sales, interest expenses and
financing charges and foreign exchange losses.”
Second-quarter
gains notwithstanding, the company’s losses still widened to P1.033 billion in
the first half from P260.85 million on higher expenses for the completion of
Solaire.
Bloomberry,
in the statement, said it was focusing on ramping up its gaming business by
unveiling various programs, events, promotions and other strategic marketing
activities.
“It was
during the second quarter of 2013 when the group signed up several junket
operators, bringing in foreign VIP players,” it said.
Enrique K.
Razon, Jr., Bloomberry chairman and president, said second-quarter
profitability is expected to be sustained.
“It is
gratifying to know that Solaire has begun to generate profit after only a few
months,” Mr. Razon was quoted in the statement as saying. “I am confident that
this trend will continue.”
“At the same
time, there is no let-up in our ramp-up programs, many of which are already on
stream,” he added.
Shares of
Bloomberry added 10 centavos or 0.85% to close P11.90 apiece yesterday from
P11.80 each last Tuesday. -- C. H. C. Venzon
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